Mortgage Notes Payable, Net (Tables)

12 Months Ended

Dec. 31, 2019

The following table presents a summary of the Company's mortgage notes payable, net (in thousands):

	December 31, 2019									December 31, 2018
Collateral	Outstanding borrowings		Premium, net		Deferred Financing Costs, net			Carrying Value		Outstanding borrowings		Premium, net		Deferred Financing Costs, net			Carrying Value
Overton Trails Apartment Homes	$	-	$	—	$	-		$	-	$	29,841	$	—	$	(246	)	$	29,595
Uptown Buckhead		19,264		—		(178	)		19,086		19,651		—		(213	)		19,438
Crosstown at Chapel Hill		42,650		—		(325	)		42,325		42,650		—		(386	)		42,264
The Brookwood - Key Bank		17,063		186		(88	)		17,161		17,477		291		(137	)		17,631
The Brookwood - Capital One		2,566		14		(15	)		2,565		2,613		22		(24	)		2,611
Adair off Addison and Adair off Addison Apartment Homes		33,210		—		(380	)		32,830		24,629		—		(233	)		24,396
1000 Spalding Crossing		23,737		—		(113	)		23,624		24,195		—		(171	)		24,024
Montclair Terrace		19,958		—		(182	)		19,776		20,312		—		(234	)		20,078
Grand Reserve		47,845		—		(539	)		47,306		47,845		—		(606	)		47,239
Verdant Apartment Homes		36,913		—		(178	)		36,735		37,300		—		(233	)		37,067
Arcadia Apartment Homes		39,782		—		(195	)		39,587		40,200		—		(256	)		39,944
Ravina Apartment Homes		26,241		—		(165	)		26,076		26,951		—		(239	)		26,712
81 Fifty at West Hills Apartment Homes		51,833		—		(368	)		51,465		52,645		—		(477	)		52,168
The Palmer at Las Colinas		45,700		—		(437	)		45,263		45,700		—		(506	)		45,194
Windbrooke Crossing		37,222		—		(272	)		36,950		37,788		—		(343	)		37,445
Woods of Burnsville		37,744		—		(355	)		37,389		38,250		—		(445	)		37,805
Indigo Creek		40,402		—		(320	)		40,082		40,789		—		(397	)		40,392
Martin's Point		29,944		—		(289	)		29,655		29,990		—		(351	)		29,639
	$	552,074	$	200	$	(4,399	)	$	547,875	$	578,826	$	313	$	(5,497	)	$	573,642

The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages):

	Maturity Date		Margin over LIBOR			Annual Interest Rate			Average Monthly Debt Service		Average Monthly Escrow
Overton Trails Apartment Homes		—		—			—		$	-	$	-	₍₈₎
Uptown Buckhead	7/1/2025			2.22	%		3.98	%	$	104	$	63	_{(1) (3) (5)}
Crosstown at Chapel Hill	7/1/2025			1.77	%		3.53	%	$	142	$	279	_{(1) (3) (4) (7)}
The Brookwood - Key Bank	11/1/2021			—			4.73	%	$	104	$	54	_{(2) (6)}
The Brookwood - Capital One	11/1/2021			—			5.40	%	$	16	$	—	_{(2) (6)}
Adair off Addison and Adair off Addison Apartment Homes	5/1/2026			1.64	%		3.40	%	$	107	$	81	_{(1) (3) (9)}
1000 Spalding Crossing	1/1/2022			—			3.88	%	$	116	$	51	_{(2) (4)}
Montclair Terrace	6/1/2023			2.45	%		4.21	%	$	107	$	102	_{(1) (3) (6)}
Grand Reserve	5/1/2028			1.72	%		3.48	%	$	157	$	90	_{(1) (3) (4) (7)}
Verdant Apartment Homes	5/1/2023			—			3.89	%	$	176	$	37	_{(2) (4)}
Arcadia Apartment Homes	5/1/2023			—			3.89	%	$	189	$	35	_{(2) (4)}
Ravina Apartment Homes	5/1/2022			—			3.76	%	$	144	$	144	_{(2) (6)}
81 Fifty at West Hills Apartment Homes	7/1/2023			2.36	%		4.12	%	$	269	$	58	_{(1) (3) (4)}
The Palmer at Las Colinas	9/1/2026			2.11	%		3.87	%	$	166	$	159	_{(1) (3) (4)}
Windbrooke Crossing	1/1/2024			2.69	%		4.45	%	$	201	$	65	_{(1) (3) (4)}
Woods of Burnsville	2/1/2024			2.13	%		3.89	%	$	190	$	84	_{(1) (3) (4)}
Indigo Creek	5/1/2024			1.93	%		3.69	%	$	199	$	52	_{(1) (3) (4)}
Martin's Point	11/1/2024			1.86	%		3.62	%	$	149	$	76	_{(1) (3) (4)}

(1)	Variable rate based on one-month LIBOR of 1.76250% (as of December 31, 2019) plus a fixed margin

(2)	Fixed rate

(3)	Variable rate hedged with interest rate cap cash flow hedge

(4)	Monthly interest-only payment currently required

(5)	Monthly fixed principal plus interest payment required

(6)	Fixed monthly payment of principal and interest payment required

(7)	Originated during the year ended December 31, 2018 through refinancing

(8)	Mortgage note payable related to asset sold on February 28, 2019

(9)	Originated during the year ended December 31, 2019 through refinancing

Schedule of Annual Principal Payments

Annual principal payments on the mortgage notes payable for each of the next five years ending December 31, and thereafter, is as follows (in thousands):

2020	$	7,052
2021		26,891
2022		55,615
2023		146,304
2024		138,676
Thereafter		177,536
	$	552,074

Amortization of Deferred Financing Costs

Amortization of deferred financing costs for the next five years ending December 31, and thereafter, are as follows (in thousands):

2020	$	1,052
2021		1,025
2022		862
2023		671
2024		355
Thereafter		434
	$	4,399

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details